Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
The family office principal track under ONE Pass and GIP gives the individual behind a Singapore single family office two distinct routes to stay: the Overseas Networks and Expertise (ONE) Pass, a five-year work pass administered by the Ministry of Manpower, and the Global Investor Programme, which grants permanent residence for those establishing a family office with substantial assets under management.
What the two routes are
The ONE Pass and the GIP solve different problems. The ONE Pass is a work pass: it lets a high-earning or exceptional individual live and work in Singapore for five years, hold multiple directorships across companies, and it is not tied to a single employer. The GIP is a direct permanent residence route for investors and family office principals. Choosing between them, or sequencing them, is the heart of the family office principal track under ONE Pass and GIP. Because both routes intersect with corporate structuring, tax incentives and immigration rules, this is best planned end to end; our overview of Philanthropy Tax Incentive Scheme (PTIS) for Singapore Family Offices (2026): Tax Deductions on Overseas Donations explains the tax incentives that usually run in parallel.
Who the family office principal track under ONE Pass and GIP is for
It suits an individual who is setting up or relocating a single family office to Singapore and wants either a flexible long work pass (ONE Pass) or permanent residence (GIP). ONE Pass applicants generally qualify on a fixed monthly salary of at least S$30,000 with a track record at an established company, or as outstanding achievers in their field. GIP family office applicants are assessed on net investible assets and a commitment to deploy capital in Singapore. Many principals begin on a ONE Pass while the family office is being established, then pursue the GIP once assets under management are in place.
Eligibility and the numbers that matter
For the ONE Pass, the salary benchmark is a fixed monthly salary of at least S$30,000, evidenced across the past year or an equivalent forward offer, or recognition as an outstanding individual in the arts, sport, science and technology or academia. The pass runs for five years and is renewable. The ONE Pass, like other Singapore work passes, is issued under the framework of the Employment of Foreign Manpower Act 1990, which governs the employment of foreign manpower and the conditions attached to work passes.
For the GIP family office option, the principal must generally hold net investible assets of at least S$200 million, establish or operate a Singapore-based single family office with assets under management of at least S$200 million, and deploy at least S$50 million of that into any of the four permitted investment categories, which include qualifying equities, funds that invest in Singapore-based companies, and private-market or philanthropic vehicles recognised under the programme. The family office is expected to employ a minimum number of investment professionals and family members over time. These thresholds are set by the administering agencies and are reviewed periodically, so confirm the current figures before you file.
How the tax incentive fits
Most family office principals run the immigration application alongside a fund tax incentive. Section 13O and Section 13U of the Income Tax Act 1947 provide tax exemption on specified income of qualifying funds managed by a Singapore-based fund manager, subject to minimum assets, local business spending and professional-headcount conditions administered by the Monetary Authority of Singapore. The GIP family office thresholds are designed to sit on top of a Section 13O or 13U structure, so the two applications are usually scoped together. The structuring of the underlying vehicle, including whether a company or a fund vehicle is used, is covered in Singapore vs Australia 2026: Work Pass, Tax and Living Compared.
Cost, timeline and process
Expect the following indicative timeline. A ONE Pass application through MOM is typically decided within about eight weeks of a complete submission. A GIP application runs longer: pre-submission structuring and MAS incentive alignment can take two to four months, and the GIP assessment itself commonly takes six to nine months from a complete filing to approval-in-principle, followed by a further window to establish the family office, meet the deployment commitment and finalise permanent residence. Government processing fees are modest relative to the professional and set-up costs; the material spend is the capital deployment and the ongoing operating budget of the family office.
Documents required and templates
- Passport bio-page, personal particulars and a detailed curriculum vitae or track-record dossier.
- For ONE Pass: twelve months of salary evidence or a forward employment or directorship offer, and testimonials or awards for the outstanding-achiever route.
- For GIP: audited financial statements and a net-worth statement supporting the net investible assets, prepared or reviewed by a qualified professional.
- A family office business plan with the investment mandate, assets under management, the S$50 million deployment plan across the permitted categories, local spending budget and hiring plan.
- Corporate documents for the fund and management entities, and the MAS Section 13O or 13U application pack where the incentive is sought.
- Source-of-wealth and source-of-funds evidence and compliance policies.
Programme details are published by the Monetary Authority of Singapore (MAS) for the GIP investment framework, the Inland Revenue Authority of Singapore (IRAS) for the fund tax incentives, and the Ministry of Manpower (MOM) for the ONE Pass. Where the principal will also incorporate operating entities for foreigners, see Singapore Register of Registrable Controllers (RORC): A Complete Compliance Guide (2026).
Sequencing the two routes and staying compliant
In practice the two routes are often sequenced rather than chosen in isolation. A principal relocating quickly will take the ONE Pass first, because it can be decided within weeks and immediately allows the individual to sit on the boards of the family office and its portfolio companies. The GIP is then pursued once the single family office is operational, the assets under management are in place and the Section 13O or 13U incentive has been awarded, since the GIP family office assessment looks for a genuine, funded operation rather than an intention. Once approved, both routes carry continuing obligations. A ONE Pass holder must keep meeting the salary or achievement basis at renewal and update the Ministry of Manpower on material changes. A GIP permanent resident must satisfy the programme’s ongoing conditions, including maintaining the assets under management, meeting the local investment and spending commitments, and employing the required investment professionals and family members, with periodic reviews at the renewal of the re-entry permit. Treat the approval as the start of a compliance cycle, not the finish line, and keep the family office’s records, board minutes and investment evidence current so that renewals and reviews are straightforward.
Common mistakes and gotchas
Principals often treat the ONE Pass and GIP as interchangeable; they are not, and only the GIP delivers permanent residence. Others file the immigration application before the MAS incentive is scoped, then have to redo the family office structure. Underestimating the S$50 million deployment and the local-spending and headcount commitments is a frequent cause of delay, as is thin source-of-wealth documentation. Treat the thresholds as current-at-filing rather than fixed, because they are reviewed by the administering agencies.
FAQs
Does the ONE Pass give permanent residence? No. It is a five-year renewable work pass. Permanent residence for a family office principal runs through the GIP.
What assets under management does the GIP family office option require? Generally at least S$200 million, with at least S$50 million deployed into the permitted investment categories. Confirm the prevailing figures before filing.
Can I hold a ONE Pass and run a Section 13O or 13U fund at the same time? Yes. The ONE Pass allows multiple directorships, and many principals hold it while operating a MAS-incentivised fund, later pursuing the GIP.
How long does approval take? A ONE Pass is commonly decided within about eight weeks; a GIP application usually takes six to nine months from a complete submission, plus set-up time.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.